Robert T. Boyd, President and CEO of Ashton Mining of Canada Inc. ("Ashton"), is pleased to report diamond results for a 122.5 tonne sample of material collected by reverse circulation ("RC") drilling from the Renard 65 kimberlitic body during the past winter. The sample was collected as part of the 2004 exploration program being undertaken on the 200,000 hectare Foxtrot property in north-central Quebec by Ashton and its 50 percent joint venture partner, SOQUEM INC. ("SOQUEM").

The 122.5 tonne sample returned 26.69 carats of diamonds for an estimated diamond content of 22 carats per hundred tonnes ("cpht"). The two largest diamonds recovered are a brown and pale brown dodecahedral crystal weighing 0.83 and 0.82 carats respectively.

The table below summarizes diamond results for the mini-bulk and bulk samples collected from Renard 65 to date.

Cumulative Diamond Results from Renard 65

Note 1: As explained below, this is the calculated weight of sample collected by RC drilling.

Note 2: This is the actual weight of the sample collected by core drilling.

Note 3: The plus-four carat diamond originally reported on June 26, 2003 remains embedded in drill core.

The cumulative results for Renard 65 indicate that this body is likely to have the lowest diamond content of the four bodies within the cluster that are the subject of the 2004 bulk sampling program.

The frequency of occurrence of larger diamonds within a deposit can significantly affect the average value of the stones and therefore the average rock value of the deposit. The plus-four carat stone originally reported on June 26, 2003 indicates the potential for Renard 65 to host larger diamonds.

A number of factors are expected to influence the decisions of the joint venture with respect to the nature and scope of further work on Renard 65. They include the results from the bulk samples collected in 2004 from Renard 2, 3 and 4, the valuation of the diamonds recovered from the four bodies, and the extent of further kimberlitic discoveries made by the joint venture on the Foxtrot property.

Background Information -- Renard 65

As reported on August 11, 2004, Renard 65 is a north-south oriented body having an estimated surface area of 1.5 hectares, an approximate strike length of 280 metres and an average width of approximately 60 metres.

The 122.5 tonne sample described in this release constitutes approximately 77 percent of the total material processed to date from Renard 65. The sample was collected by drilling five RC holes along a 130 metre long north-south transect. The holes were drilled to an average depth of 160 metres and terminated in kimberlitic material. A sixth hole at the north end of Renard 65 will be drilled shortly to obtain a better indication of the diamond content of this portion of the body.

The in-ground weight of the sample was calculated at 122.5 tonnes by multiplying the volume of each hole by the specific gravity of the rock determined at 2.6 grams per cubic centimetre. The volume of each hole was calculated by multiplying its diameter, as measured by calipers, by its depth. The specific gravity of 2.6 represents the average value determined to date for kimberlitic material collected from the Renard bodies

The material recovered by RC drilling was screened during drilling to remove material less than 1.18 mm in size. Consequently, the actual weight of the material processed by dense media separation ("DMS") weighed 66.05 tonnes. As reported on July 5, 2004, the sample was processed through a ten tonne per hour DMS plant located in Thunder Bay, Ontario. The resulting concentrates underwent post-DMS processing and final observation at Ashton's North Vancouver, B.C., laboratory.

2004 Exploration Program Update - Foxtrot Property

The 2004 program includes the collection of a cumulative sample of approximately 600 tonnes from Renard 2, 3, 4 and 65, four of the nine kimberlitic intrusions that constitute the Renard cluster. Approximately 230 tonnes were collected from Renard 4 and 65 during the winter portion of the program. Diamond results from 90 tonnes of core and RC material collected from Renard 4 are expected in October.

A principal objective of the summer portion of the program is the collection of a further 370 tonnes of material from the Renard cluster, principally from Renard 2, 3 and 4. In addition, target drilling on the Foxtrot property will commence in September to test a number of geophysical anomalies that are associated with indicator minerals and kimberlitic cobbles and boulders.

Ashton Mining of Canada Inc. and SOQUEM INC.

Ashton's prime objective is the discovery or acquisition of diamond prospects capable of rapid advancement to development and production. The corporation's primary focus is diamond exploration in the regions of Canada that offer significant potential for new discoveries. Ashton's in-house processing and laboratory facilities in North Vancouver are exclusively dedicated to the corporation's exploration projects and represent one of its key competitive advantages.

SOQUEM is a wholly-owned subsidiary of SGF Minéral inc., a subsidiary of Société générale de financement du Québec ("SGF"). The SGF, the Quebec industrial and financial holding company, has as its mission to undertake economic development projects in the industrial sector in cooperation with partners and in compliance with the economic development policies of the Government of Quebec.

Ashton is the operator of the joint venture's exploration programs. Brooke Clements, Professional Geologist and Ashton's Vice President, Exploration, is responsible for their design and conduct, and for the verification and quality assurance of analytical results.

For further information, please contact:          

Robert T. Boyd       -or-    Brooke Clements           -or-       visit our website:
President and CEO             Vice President, Exploration          www.ashton.ca
(604) 983-7750                      (604) 983-7750                     email: contact@ashton.ca